Max Life Insurance Company offers customized term insurance plans for Non-Resident Indians (NRIs) that help you protect your dependents against unfortunate events in long term. Max Life Insurance is one of the leading insurance providers of life insurance for Indians as well as for Non-Resident Indians.Read more
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Term insurance is a specifically designed life insurance plan that secures an individual’s family and offers them financial security in case of any unpredictability. Like most insurance plans, a policyholder pays a premium amount for a specific tenure. If the policyholder dies during that term due to any health reason or an accident, the beneficiary/nominee is provided a death benefit equivalent to the policy value. The premium amounts are computed based on the health conditions, policyholder’s age, and life expectancy. Insurance companies sometimes ask the buyer to conduct a medical test before finalizing the plan.
Max Life Insurance company is a collaboration between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. The company provides tailor-made cum investment plans to NRIs. Max Life term insurance plan for NRI are specifically designed to offer protection and security to NRIs and their dependents towards unpredictability in life. NRI policyholders can select from number of plans ranging from retirement, child, protection, group, savings, and ULIP. Max Term Insurance plans for NRI are comprehensive life insurance products that provide financial protection to the policyholder and his/her dependents. Following are the Max Life Term Insurance plan for NRI:
Max Life Online Term Plan Life Cover + Increasing Monthly Income
Max Life Insurance is one of the popular insurers in India that serves Indian residents as well as NRI insurance buyers. The company always attempts to make life insurance policies more economical, easy, and suitable for buyers at every life stage. Here is why NRIs should select Max Life Insurance:
It provides a one-stop solution for the insurance requirements of customers
The insurer has a claim settlement ratio (CSR) of 99.35% (as per IRDAI 2020-21) and is known for transparency. Insurance buyers can check every detail related to different plans online.
The insurer offers 24X7 customer assistance to insurers and has an easy and hassle-free claim settlement procedure when the claim is made by the nominee/beneficiary of the plan.
Flexible option of paying premiums that helps customers to pay premium amounts through NRO or NRE, or from a foreign bank account.
The Max term plans offer the option to renew the premiums.
The Max Life Term Insurance company offers a comprehensive range of plans to cater to the needs of insurance seekers. NRIs can enjoy the below benefits by receiving life insurance policies from Max Life Insurance.
Insurance policies offer longer protection for the policyholder and their loved ones and can choose a life coverage up to 100 years of age.
Term plans help NRI in protecting the family’s future by offering financial stability even when the sole earner is not around.,
Term insurance plans provide comprehensive security to the family members which helps in living comfortably without panicking about the future
NRIs are entitled to tax savings benefit on the premium amount paid for a term plan u/s 80C. The payment amount received under an insurance plan is also exempted from tax u/s 10(10D) of the Income Tax Act, 1961.
In case the life assured dies within the policy term, the nominee/beneficiary will get the death benefits
NRI plan offers maturity payouts, provided the plan is in force till the last of the policy tenure,
Policyholders surviving the policy tenure may enjoy the survival benefits
NRIs can buy a term plan online in a hassle-free and easy way.
There are some conditions for an individual to be considered an NRI, and be eligible to buy a term insurance plan in India. Though the mentioned T&Cs vary with the insurer, the basic requirements are still the same. Let’s discuss the eligibility criteria of the Max Life term insurance Plan for NRIs:
You must have resided outside the country for a fixed time period or as specified in the plan
Your grandparents or parents must have been Indian citizens
You must have married a citizen of India
You must have an Indian passport at some stage of your life
The premium rates for these term policies depend on the policyholder’s age, the medical conditions, the plan features, and the sum assured amount, among others.
The document that a policyholder requires to submit for a Max life term insurance plan for NRI are as follows:
Completely filled proposal application
Attested passport copy of your residential country
Medical examination signifying your fitness or health or declaring health issues, if any.
Proof of age
Proof of Income
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